GRAINS-Soybeans hover near 5-month low on ample global supplies

Reuters Staff

3 Min Read

SYDNEY, March 27 (Reuters) - U.S. soybeans took a breather
on Monday, although silo-busting supply expectations kept the
oilseed near a five-month low.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of
Trade were little changed at $9.76-1/4 a bushel, having
closed down 1.6 percent on Friday when prices hit a low of
$9.72-1/4 a bushel, the lowest since Oct. 19, 2016.
* The most active corn futures rose 0.2 percent to
$3.57 a bushel, having closed down 0.1 percent in the previous
session when prices hit a low of $3.55-1/4 a bushel, the lowest
since Jan. 13.
* The most active wheat futures were little changed at
$4.24-1/2 a bushel, having closed up 0.8 percent on Friday.
* Soybeans were pressured by expectations of ample global
supplies, driven by large South American production.
* The Buenos Aires Grains Exchange on Thursday afternoon
raised its outlook for Argentina's 2016/17 soy crop to 56.5
million tonnes from 54.8 million previously, the latest of a
series of upgrades to forecasts for harvests in South America.
* The outlook for U.S. wheat production has improved after
forecasts for rain this week in the six to 10 days.
MARKET NEWS
* The dollar slid to a near two-month low against a basket
of currencies early on Monday as concerns mounted about the
chances of U.S. fiscal stimulus after the stinging defeat of
President Donald Trump's healthcare package.
* Oil rose modestly on Friday in a spate of late-day
activity, but fell on the week as concerns persisted over an
excess of crude.
DATA AHEAD (GMT)
0800 Germany Ifo business climate Mar
0900 Euro zone M3 annual growth Feb
1430 U.S. Dallas Fed manufacturing index Mar
Grains prices at 0107 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 424.50 -0.25 -0.06% +0.83% 444.78 43
CBOT corn 357.00 0.75 +0.21% +0.07% 370.33 38
CBOT soy 976.25 0.50 +0.05% -1.49% 1021.48 22
CBOT rice 9.72 -$0.06 -0.61% -1.32% $9.71 53
WTI crude 47.91 -$0.06 -0.13% +0.44% $51.13 35
Currencies
Euro/dlr $1.085 $0.005 +0.46% +0.62%
USD/AUD 0.7617 0.000 -0.07% -0.12%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Richard Pullin)